Do I automatically inherit the existing tenant leases when I buy a commercial plaza in Ontario?

Yes. When you buy a commercial plaza, you generally step into the seller's shoes as landlord under every existing lease, whether you've read the fine print or not. Leases are property interests that run with the land — the tenants don't need to sign anything new, and their rights, including rent, term, renewal options, exclusivity clauses, and any inducements, carry forward automatically to you as the new owner.

The nuance that catches buyers off guard is that this cuts both ways: you inherit the benefits, namely rental income, but also the burdens, such as repair obligations, tenant allowances still owing, exclusivity restrictions limiting who else you can lease to, and any disputes already brewing with a tenant. A tenant who was in a dispute with the seller before closing can carry that same dispute forward against you.

Because of this, thorough due diligence before closing matters more than the rent roll alone. Reviewing the actual lease documents, obtaining estoppel certificates from tenants, and understanding any outstanding landlord obligations is the practical way to know exactly what you're taking on before you're bound by it.